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Dictionary Says

Definition of 'Main Home'

A term used by the Internal Revenue Service (IRS) to define the home a taxpayer has lived in most of the time during a given taxation year, or the only home a taxpayer owns. The classification of a taxpayer's main home is important when considering gains resulting from the sale of a main home.
Investopedia Says

Investopedia explains 'Main Home'

When you sell your home, you may be able to exclude the gains from your income for tax purposes if you pass the ownership and use tests. If over the previous five years you have owned the home for more than two years, and it was your main home for more than two years, then you can exclude up to $250,000 ($500,000 for joint filers) in a given tax year.

Losses resulting from the sale of your main home cannot be deducted.
Search results for

'Main Home'

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    http://financialedge.investopedia.com/financial-edge/1111/How-To-Occupy-Wall-Street-With-A-Main-Street-Agenda.aspx
    ... How To Occupy Wall Street With A Main-Street Agenda. Posted: November ... Current
    Rates. Savings Home Equity Mortgage Auto. Savings Products ...

  • Choosing Quality Mutual Funds | Investopedia

    http://www.investopedia.com/university/quality-mutual-fund/
    ... of investors in the US and abroad are using mutual funds as their investment vehicle
    of choice to save for college educations, the purchase of a home and for ...

  • Do You Need A Home Inspection?

    http://www.investopedia.com/articles/mortgages-real-estate/08/home-inspection.asp
    ... replaced and how much the work would cost. The inspector will also identify
    the location of the home's main water shutoff valve. ...

  • Home-Equity Loans: What You Need To Know

    http://www.investopedia.com/articles/pf/05/041305.asp
    ... Recognizing Pitfalls The main pitfall associated with home-equity loans is that
    they sometimes seem to be an easy solution for a borrower who may have fallen ...

  • Long-Term Care: More Than Just A Nursing Home

    http://www.investopedia.com/articles/pf/05/031705.asp
    ... Alzheimer's/group-home care. Adult day care. Respite care. Home modification. These
    represent a person's main options for meeting his or her LTC needs. ...

  • When You Shouldn't Get a Second Job - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0811/When-You-Shouldnt-Get-a-Second-Job.aspx
    ... The job's starting time is only an hour after you get off work from your main job,
    so you have to rush home, throw something together for dinner and rush off ...

  • How To Claim Home Office Expenses - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/1111/How-To-Claim-Home-Office-Expenses.aspx
    ... and business owners are eligible to claim the home office deduction if they meet
    one of two criteria: the home office must either be the main place of business ...

  • 3 High-Pressure Home Improvement Sales Tactics - Investopedia.com

    http://financialedge.investopedia.com/financial-edge/0811/3-High-Pressure-Home-Improvement-Sales-Tactics.aspx
    ... say you're considering having a window replaced, and one of the main differences
    between ... whereas the double lifetime warranty will stay with the home no matter ...

  • Riding The Market Bubble: Don't Try This At Home

    http://www.investopedia.com/articles/economics/09/investment-bubble.asp
    Riding The Market Bubble: Don't Try This At Home. ... In fact, one of the main purposes
    of financial intermediaries is to facilitate the transformation of short ...

  • Can I trade a currency when its main market is closed?

    http://www.investopedia.com/ask/answers/06/tradingclosedmarket.asp
    ... More Features ยป. Personal Finance; Credit & Loans; Insurance; Retirement; Home &
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